News Corp sees revenue pushed up 17%

Company News

by Rachael Jones

News Corp (ASX:NWS) says the success of its digital strategy and book publishing, as well as the consolidation of Foxtel with FOX SPORTS, helped it grow third quarter revenue by 17 per cent to $US2.46 billion compared to $2.09 billion last year.

Net income for the quarter was $23 million compared to a net loss of $1.1 billion in the prior year, reflecting the absence of the non-cash impairment charges and write-downs of $1.2 billion recognized in the third quarter of fiscal 2018

The results are partially offset by a $90 million negative impact from foreign currency fluctuations and lower print advertising revenues at the News and Information Services segment.

Net income per share available to News Corporation stockholders was $0.02 as compared to a net loss per share of $1.94 in the prior year. Adjusted EPS were $0.04 compared to $0.06 in the prior year.

Shares in News Corp (ASX:NWS) are trading 3.08 per cent higher at $17.09.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.